GOLD/USD quotes continue moving within the framework of correction and formation of the "Triangle" model. At the moment of the forecast publication, the price of Gold is 1698 dollars per Troy ounce, as we can see, the bulls are not able to get fixed above the resistance level. Moving averages indicate that there is a short-term sideways trend.
GOLD/USD, 30 min
Pivot: 1690.80
Analysis:
Provided that the price is below 1698.00, please follow these recommendations:
Time frame: 30 min
Recommendation: short position
Entry point: 1690.80
Take Profit 1: 1681.00
Take Profit 2: 1674.00
Alternative scenario:
In case of breakout of the level 1698.00 and the consolidation of the price above this level, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1698.00
Take Profit 1: 1705.00
Take Profit 2: 1712.00
Comment:
RSI shows the possibility of a descending trend during the day.
Key levels:
Resistance
Support
1712.00
1681.00
1705.00
1674.00
1698.00
1668.00
GOLD/USD, D1
Pivot: 1703.00
Analysis:
As long as the price is above 1655.00, please follow these recommendations:
Time frame: D1
Recommendation: long position
Entry point: 1703.00
Take Profit 1: 1745.00
Take Profit 2: 1790.00
Alternative scenario:
In case of breakdown of the level 1655.00 follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1655.00
Take Profit 1: 1610.00
Take Profit 2: 1575.00
Comment:
RSI shows an upward trend in the medium term.
Key levels:
Resistance
Support
1835.00
1655.00
1790.00
1610.00
1745.00
1575.00
WHY TRADE WITH PAXFOREX?
We are one of the fastest growing Forex Brokers in the Market. Trade with PaxForex to get the full Forex Trading experience which is based on...